TrueBridge Capital Partners raises $450m

TrueBridge Capital Partners held a final close on its fifth venture fund of funds, TrueBridge Capital Partners Fund V, at a hard cap of $450 million.

The oversubscribed fund, which cleared its initial $375 million target following a nine-month fundraise period, will continue TrueBridge’s strategy of selecting managers targeting early-stage IT startups in Silicon Valley. This fund brings the Charlotte-based firm’s total institutional assets under management to $2.2 billion.

Limited partners in the fund include the Florida State Board of Administration at $100 million and the City of Tallahassee Pension Fund at $20 million. The University of Vermont and the University of Houston also committed at check sizes of $8 million and $5 million, respectively.

TrueBridge’s previous vehicle in the series, TrueBridge-Kauffman Fellows Endowment Fund IV, closed at $400 million in 2016.